Obama campaign in debt after DNC goes $15 million over budget
The Democratic National Convention went US$15 million over its budget, being forced to borrow money. The miscalculation could hinder President Obama’s re-election bid, as his campaign may have to pick up the bill.
Two-thirds of the borrowed money came from Duke Energy Corp., and this chunk of money will need to be repaid next year.
Bloomberg News interviewed several anonymous sources familiar with the convention’s finances in order to understand internal deliberations regarding the budget.
Of the US$15 million that the DNC borrowed, US$5 million will have to be repaid immediately and is likely to come directly from Obama’s campaign account. In the final months of the presidential campaign – a crucial time for winning over undecided voters – the debts may impact the Obama’s campaigns ability to spend on advertising and sway Americans.